Check before signing the lease agreement

Lease agreementImage Credit: Supplied

A heady mix of good business opportunities, tax-free earnings and access to high-end living are enough reasons for investors and businessmen from all over the world to start a venture and settle in this tropical region, the United Arab Emirates.

But to head out into the world of entrepreneurship, one has to initially secure a lucrative place for business. An office space in the best possible location is what the investor needs. However, certain things should be considered before leasing any commercial property.

First and foremost, deal with people who have a valid trade license issued by the Department of Economic Development. Thereafter, equipped with other documents like the business agreement, copies of passport and other necessary government documentation, look for a commercial space that perfectly suits your business needs.

Always get the assistance of a RERA licensed agent and compare a few places before finalizing one. The law specifically states that all rental properties should be in good condition when handed over by the landlord to the tenant. So, before signing a lease contract, make sure to include an agreement within a clause stating all dues have been paid and any maintenance required immediately after possession will be taken care of by the owner.

Verifying the legal ownership of the property is another major task. Review the original title deed or Oqood, and if possible, verify the name on the title or ownership document. Checks should only be issued in the landlord’s name. If he is represented by a real estate management company, look for a notarized power of attorney authorizing them to receive checks on behalf of the landlord.

Finally, read the contract thoroughly before signing. Make sure all agreements are registered on the Real Estate Regulatory Agency’s on-line Ejari system. Always ask for a written document that is legally binding.

Handy Hints
• Trust only RERA licensed agents to help in finding the best deals
• A lease agreement must include a clause regarding maintenance
• Verify legal ownership and only issue checks in landlord’s name

Source: Special to Properties
The writer is a freelancer

For Rent


View more properties

For Sale


View more properties